UbCoin (UBC Token) Announces Crypto Marketplace to Rival eBay and iPhone App
UbCoin Releases Crypto eBay for iPhone
One of the largest complaints that those outside the crypto community have with cryptocurrencies is how little the digital assets can be used in daily life. In particular, it is a concern that cryptocurrencies cannot be used to conduct regular business and commerce online. In a world where material items are a key concern for the average consumer, any functional currency needs to be able to purchase the things they want without going through a complicated conversion process.
UbCoin could be well on the way to solving this issue for many people within and outside of the crypto space. The company is developing a peer-to-peer marketplace, connected using Telegram, where consumers can sell virtually any physical item using a variety of digital assets. If successful, the iOS platform could be a very good thing for the general mass adoption and use of cryptocurrencies within the trade and ecommerce markets.
This would be one of the first functional platforms that does not require crypto users to engage in the use of any kind of fiat money in order to use their cryptocurrency to buy products. Additionally, the platform could extend cryptocurrency ownership to an entirely new class of consumers, who will gain access to crypto easily when they sell their physical items on the platform.
A “Win-Win” Model
According to Felix, the CEO of UbCoin, the platform functions as a “win-win model” for everyone in the world of cryptocurrency. According to the professional, the marketplace allows its users to use their Bitcoin and their altcoins on things that they need in “daily life” without forcing them to go through the complicated and legally-troubling process of converting their coins to and from fiat.
Without any kind of marketplace commissions, the CEO believes that international sellers can easily take advantage of the market by quickly selling items and gaining access to the cryptocurrency that they need. This could be a viable alternative to the exchange process, which usually entails price-gouging in times of high volume and volatility.
The Utility Token
UbCoin’s utility token, UBC, will be an indispensable aspect of the company’s marketplace model. The coin will be used as a form of payment, though it is not yet clear if the company will be offering any kind of discounts to users that use the token to facilitate their transaction.
The marketplace is characteristically anonymous, which is to be expected from a marketplace emphasizing the use of cryptocurrencies for major transactions. The buyer and seller in a transaction chat anonymously to seal the deal, before placing the funds into an on-site escrow service until the deal is verified as having been completed.
Additionally, the company has continued work on their own new AI system in order to automatically moderate the kinds of items listed on the marketplace. Because critics have already pointed out how well the site lends itself to illicit deals with its anonymous structure, the company has worked hard to try to find solutions to pressing security and legal issues.